Thermarest has a similar product and it's been fantastic. The kids took it to camp last year rather than their sleeping bags and found the blankets to be a lot more versatile. I like it in that the blankets are good for warmer months, but not nearly as fragile as a down quilt. Made a good under-liner for a hammock and camp cot on various outings when it was a bit too cool for just the quilt over me.
Can't vouch for the Klymit version, but I ordered one to try. If their quality is on par with their sleeping pads and such, it should be a win. I'm hoping their version also compresses just a bit more without loss of insulation and they managed to shave off some weight. (^_^) We'll see.

Got my Klymit blanket and it's MUCH better than the Thermarest. Lighter, packs smaller, and feels warmer. Love the footbox, hand pocket, and snap corner features. I also like the fact that it comes with a stuffsack that actually has compression straps on it.
The drawstring has an odd release, so be sure to try it before you need to snug it up in the dark.
Be careful ripping off the tags, I pulled one set of stitching on mine. Nothing bad as there are 2 rows, but it wasn't nice to damage a brand new product.
Overall, I like this for times when you don't want that ultra-light down quilt to get damaged.